https://www.taxtmi.com/caselaws?id=396476 Prosecution for non-deposit of TDS was launched before commencement of CIRP against the company and its then Managing Director under the Income-tax Act. The text states that compounding is sought by the person exposed to penal consequences, so the Managing Director's personal criminal liability could not be shifted to the liquidator or liquidation estate. It further notes that the Insolvency and Bankruptcy Code did not support reimbursement of a personal criminal liability from corporate assets. The reimbursement direction was therefore unsustainable and was set aside. en-us Fri, 29 May 2020 00:00:00 +0530 Tue, 07 Jul 2020 11:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396476 Prosecution for non-deposit of TDS was launched before commencement of CIRP against the company and its then Managing Director under the Income-tax Act. The text states that compounding is sought by the person exposed to penal consequences, so the Managing Director's personal criminal liability could not be shifted to the liquidator or liquidation estate. It further notes that the Insolvency and Bankruptcy Code did not support reimbursement of a personal criminal liability from corporate assets. The reimbursement direction was therefore unsustainable and was set aside. Case-Laws Insolvency and Bankruptcy Fri, 29 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396476